Canadian Dollar Technical Outlook: USD/CAD Seven-Day Rally Tests Major Resistance

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Canadian Dollar Technical Outlook: USD/CAD Multi-Timeframe Analysis

The USD/CAD rally has logged four straight weekly gains, up nearly 3.4% from the August low and now testing the year's highest closing levels. Michael Boutros, StoneX Media Senior Market Analyst, walks through the weekly, daily and four-hour charts and the event calendar framing the move. The pair has risen on 13 of the last 14 days with daily momentum at its highest since June, and each of the last three seven-day advances was followed by at least a one-day pause. A close back below the pitchfork median line with RSI under 70 would open the door to a pullback, as Federal Reserve speakers, core PCE inflation, U.S. nonfarm payrolls and the Canada employment report land into the month and quarter turn.

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Key USD/CAD Economic Data Releases

 

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Economic Calendar - latest economic developments and upcoming event risk.

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--- Written by Michael Boutros, Senior Technical Strategist

Follow Michael on Twitter @MBForex

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